Ahmedabad-based luggage manufacturer Goblin India plans to expand its reach by appointing new dealers. With the move, the company is eyeing an annual turnover of INR120 crore (INR1.2 billion) by FY2022. Started in 2002, the company has received positive response from the Indian market and thus, is now looking to expand its dealership network from 300 to 1000. To fund this growth, the company is looking to launch its IPO on BSE. Regulatory documents for Goblin India IPO are expected to be filed in the coming months.
Goblin India offers a wide range of luggage and related products. Besides the typical hard and soft luggage, the company offers a number of other accessories including corporate gifting articles, white goods, crockery, novelty goods & much more. All of these products can be ordered from the company’s website.
In the luggage segment, the company competes with big and established brands like VIP and American Tourister in the Indian market and has a two-pronged strategy focusing on value and product innovation. Goblin India aims to offer better value for money by providing supreme quality products at affordable prices. At the same time, the company has an eye on latest designs which appeal to a wider set of buyers. “Our products are made of the finest quality of material, designed in Paris, France to make sure we are up to date with trends,” says Manoj Chaukhany, Chairman and Managing Director of the company.
Read Also: NCDEX IPO prospectus to be filed by December
Another area of focus for the company is innovation and the same is visible in its products. An excellent example of this approach is its anti-theft trolley bag which sets off an alarm if taken more than 10 metres away from the owner of the bag. The alarm can be activated and deactivated with the help of a mobile app anytime. The trolley bag also comes with other latest trends such as charging point for mobiles and a USB port.
Currently, Goblin India’s distribution network includes AVA stores at domestic airports in addition to around 84 vendors across the nation. The company has digital presence through e-commerce platforms such as Flipkart, Amazon while also selling its products on its own website. In the next leg of growth, the company plans to open fully-owned retail outlets in numerous cities like Ahmedabad, Mumbai, Delhi, Bangalore, and Hyderabad in the next couple of years.
The luggage industry in India continues to do well and was estimated at INR20,400 crore (INR204 billion) in FY2014. Following demonetization and GST, the industry’s growth rate has moderated marginally from the earlier 15% but is still quite robust at 13%. While the industry produces both hard and soft luggage, it is the latter which accounts for majority share. With growing preferences for short-haul and hassle-free travel, the industry is witnessing a shift away from traditional heavier luggage products, leading to soft luggage segment cornering a market share of as much as 75%. Given the positivity around this product segment, Goblin India IPO will be closely watched by market participants.